Tap Payments’ Client Growth Points To Increasing Global Interest in GCC E-Commerce

Tap Payments’ Client Growth Points To Increasing Global Interest in GCC E-Commerce

Since the launch of its Bahrain office in 2020, Tap Payments has onboarded 30,000 new merchants who are interested in utilising Tap Payment’s tailored payment solutions to tap into the region’s promising e-commerce market; which is currently valued at $29billion. Merchants worldwide have turned to the fintech’s services due to its capacity to tailor payment solutions in the MENA region with a multidimensional approach that addresses payment clearing, product, technology, relationship, and the regulatory environment. The company connects global merchants to the region through its payment infrastructure by facilitating connection to the local payment networks in Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman, Jordan, Lebanon and Egypt. The payments environment in Bahrain Bahrain facilitates the region’s oldest and most established financial sector, being home to over 350 financial institutions. For an economy that derives a considerable proportion of its GDP from oil, the Kingdom’s financial sector accounts for 17.3 per cent of its GDP. In this light, it is clear how financial services will continue to be a key contributor to Bahrain’s economy and will contribute towards the Kingdom’s economic recovery plan; announced in October 2021 . There are currently a total of seven country-specific local payment networks across the